2014 (11) TMI 945

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....'s rectification application in respect of Intimation dated 21 November 2008 (but also bears the date 14 February 2009) under Section 143(1) of the Income Tax Act, 1961 ("Act"); (b) Order dated 27 March 2014 of the Commissioner of Income Tax rejecting the petitioner's revision application under Section 264 of the Act from order dated 13 December 2011; and (c) Order dated 17 July 2014 of the Commissioner of Income Tax rejecting the petitioner's rectification application to the order dated 27 March 2014; 3] The brief facts giving rise to this petition are as under: (a) For the assessment year 200708 the petitioner filed its return of income showing Rs. 12.17 lacs as profits and gains of business or profession. The same was acc....

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....quest your goodself to not to treat us as assessee in default." (c) On 13 December 2011 the Assessing Officer rejected the rectification application by passing the following order: "In your said letter, you have stated that for the A. Y. 2007-08, the entire total income of Rs. 12,17,455/- declared in your return of income represented Long Term Capital Gains exempt under section 10(38) of the Income Tax Act, 1961. Hence you have calculated tax u/s. 115JB and calculated tax accordingly. On perusal of the return of income filed by you for the A. Y. 200708, it is seen that you have shown Rs. 12,17,455/- as income from business and profession and not exempt income u/s 10(38) as stated by you. Accordingly, your return was processed taking Rs. ....

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.... Section 154 of the Act is four years from the date of receipt of the Intimation and the time to file revision petition from the order of the Assessing Officer rejecting the rectification application is one year under Section 264 of the Act. Therefore the order dated 27 March 2014 rejecting the revision application required correction as it suffered from errors apparent from record. Notwithstanding the above, the Commissioner of Income Tax on 17 July 2014 rejected the rectification application on the ground that he cannot review his order and as there is no mistake apparent from record. 4] Mr. Pinto, learned Counsel appearing for the Revenue supports the impugned orders. 5] We find that the order dated 13 December 2011 of the Assessing Of....

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....ects the rectification application on the ground that there is no mistake apparent on record and that it has no power of review. 6] We find that the manner the petitioner has been dealt with by the Respondent Revenue is to say the least most unfair. We live in a Rule of law and the Authorities under the Act being creatures of Statutes are obliged to follow the statutory periods provided under the Act and cannot set up periods of limitation different from that provided under the Act. The Commissioner of Income Tax has in the impugned order dated 27 March 2014 dismissed the revision application as being filed after ten months. When the Act itself provides a period of one year and also holding rectification application before the Assessing Of....